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Second Chance Properties Q3 net profit up 12.5% to S$2.34m

MAINBOARD-LISTED Second Chance Properties on Thursday posted a 12.5 per cent rise in net profit to S$2.34 million for the third quarter ended May 31, 2019.

Revenue rose 2.6 per cent to S$9.96 million. Gross profit rose to S$4.95 million from S$4.79 million, up 3.5 per cent from a year ago.

The group also recorded a smaller loss on fair valuation of financial assets, down to S$342,000 from S$812,000 the year before.

For the nine-month period, net profit fell 30 per cent to S$4.38 million despite a 3.56 per cent rise in revenue to S$23.4 million.

The increase in revenue was driven by an 18.3 per cent rise in revenue from the apparels business to S$4.08 million, and a 3.6 per cent rise in revenue from the gold business to S$11.34 million.

Other income dipped 73.5 per cent to S$455,000, down from S$1.72 million the year before.

Earnings per share for the third quarter was 0.31 Singapore cent, up from 0.28 Singapore cent.

The company has declared an interim dividend of 0.4 Singapore cent per ordinary share, payable on July 15. No further dividend will be declared for the current financial year.

The counter closed at 23.5 Singapore cents on Thursday, down 0.5 cent.